哈喽大家好，我是爱旅行的 Sisi！今天是二十四节气中的小雪，小雪是与天气现象直接相关的节 气，它代表着天气渐寒，降水增加，也是农事"藏"字当头的关键节点。此刻我在有着"十三朝古都"之称 的洛阳，邀你一同在这份孟冬的气息与古意中，读懂冬日里的农时智慧！ 此刻，手捧热乎的洛阳牛肉汤驱寒，方懂"小雪封地"的规律。"迎冬小雪至，应节晚虹藏。"这份藏 着烟火气的冬景，和我们分享你家乡的冬日智慧吧。 俗话说"小雪腌菜，大雪腌肉"。小雪时期天气变得干燥，正是加工腌菜腊肉的好时候。此外，家家 户户还有腌制鸡鸭鱼肉、制作香肠等食物，正好留待新年时享用。 值得一提的是，虽然"小雪"是中国传统节气，但在韩国、日本等地，人们也会在此时节注重保暖储 粮。习俗虽不同，但都是为冬季做好准备，这份对生活的认真与期许，是跨越国界的文化共鸣。 洛阳此时虽未必有雪，但气温已明显走低，城郊田垄间的农人早已做好准备。对他们而言，小雪的 核心是"备藏"，趁着土壤未完全封冻，做好冬灌保墒，给小麦等越冬作物筑牢"暖房"，农谚"小雪雪满 天，来年必丰年"说的正是这份未雨绸缪的期盼。如今智能大棚还会跟着节气调整温湿度，传统农时智 慧也能搭上现代科技的快车。 ...

在创新引领方面，更加突出策源功能。论坛聚焦推动畜牧产业可持续发展和科技创新面临的瓶颈问题， 围绕智慧畜牧与绿色技术创新路径进行深入研讨，充分激发创新创造活力。 在成果转化方面，更加注重跨界协同。论坛期间将正式发布并启动国家畜牧产业技术交易市场，推动创 新成果与产业需求高效精准匹配。同时，举办畜牧科技成果转化推介大会，搭建科研团队与投资机构、 金融机构高效对接的桥梁。 在论坛赋能方面，更加契合发展需要。论坛期间，《促进中国畜牧业绿色低碳发展倡议书(2025)》和 《中国西南山地畜牧业实用技术大全》丛书将发布，展示历届论坛形成的重要成果和国家畜牧科技城建 设取得的阶段性成效，并举办川渝畜牧劳动和技能大赛等特色活动，为畜牧行业技术能手提供同台竞 技、提升技能水平的机会。 小切口大赛道 完善产业链，拓宽畜牧产业生态 荣昌能够持续举办国家级畜牧科技论坛，源于当地一直注重畜牧科技的探索与应用。 党的二十届四中全会提出，加快农业农村现代化，扎实推进乡村全面振兴。 重庆市荣昌区将提升农业综合生产能力和质量效益作为加快农业农村现代化的工作重心。2025年11月19 日至21日，第十一届中国畜牧科技论坛在荣昌举行。作为原农业部批 ...

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.73% decline in revenue for the first three quarters of 2025, with net losses widening, prompting a strategic shift to expand beyond plant-based meat products and seek new growth models [1][2]. Financial Performance - For the first three quarters, Beyond Meat achieved a total revenue of $214 million, a year-on-year decrease of 14.37%, and a net loss of $193 million, compared to a net loss of $115 million in the same period last year [1][2]. - In Q3 alone, revenue was $70.22 million, down 13.32% year-on-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [1][2]. Sales Decline Factors - The revenue decline is attributed to a 10.3% decrease in product sales and a 3.5% drop in average selling price, influenced by reduced distribution points in U.S. retail channels and decreased sales to fast-food clients in international food service [2]. - Non-operating factors, including non-cash impairment charges related to certain long-term assets, contributed to the widening net loss [2]. Market Challenges - The current demand weakness for plant-based meat is believed to stem from the products' inability to meet mainstream market needs, as indicated by the product lifecycle theory, suggesting that plant-based meat remains in a niche market without a solid consumer base [2]. - Significant gaps in taste, price, and nutritional composition compared to real meat, along with stable or declining prices for traditional meat, further compress the market space for plant-based alternatives [2]. Strategic Shift - To address the current challenges, Beyond Meat is implementing a transformation plan, shifting focus from meat imitation to traditional plant proteins, and gradually phasing out the "Meat" label [4]. - This strategic pivot is seen as rational, aligning with health food trends and leveraging existing supply chains to enhance gross margins, while also exploring new product forms like ready-to-eat protein bars and plant-based milk [4].

Summary of Food Safety Supervision Sampling Core Viewpoint The recent food safety supervision sampling conducted by the local authority revealed that out of 95 food samples tested across 15 categories, 5 batches were found to be non-compliant, primarily due to issues related to the illegal use of food additives, pesticide residue exceeding limits, and microbial contamination. The local market supervision departments have been instructed to investigate and address the non-compliant products [2]. Group 1: Non-compliance Details - A total of 95 food samples were collected from various categories including meat products, frozen foods, and beverages [2]. - 5 batches were identified as non-compliant, with major issues including illegal food additives, pesticide residues above permissible levels, and microbial contamination [2]. - The local market supervision departments are tasked with verifying and handling the non-compliant products [2]. Group 2: Consumer Guidance - Consumers are encouraged to report any non-compliant products they encounter in the market by calling the government service hotline at 12345 [2]. - Detailed information regarding the food safety supervision sampling results is available in the attached documents [2].

Core Viewpoint - The 2025 Second Global Meat Industry Expo is being held in Zhengzhou, focusing on the theme "Meeting in Central China for New Development," showcasing various meat products and innovations in the industry [2][3]. Company Development - Shuanghui Development, founded in 1958, has evolved from a cold storage facility to a leading meat processing company, emphasizing innovation and quality in the meat industry [5][7]. - The company has consistently focused on the meat industry, introducing cold chain production and sales models in 2000, which have become industry standards [7]. Product Innovation - Shuanghui utilizes modern slaughtering technology to produce over 200 different products from a single pig, catering to diverse consumer needs [9]. - The company emphasizes product innovation, with over 10% of annual sales coming from new products, resulting in a diverse portfolio of over 1,000 meat products [11]. Packaging and Preservation - Shuanghui showcases fresh meat products using modified atmosphere packaging, which extends shelf life and maintains freshness by controlling the gas composition within the packaging [9]. - The company has invested in technology to ensure the quality and safety of its products, particularly in the fresh meat segment [9]. Market Trends - The company is responding to consumer demand for nutritious, safe, and trendy meat products, with a focus on both traditional and modern flavors [12]. - The launch of the "Lufu Zhai" series reflects a blend of traditional Chinese culinary techniques with contemporary design, appealing to modern consumers [12]. Future Outlook - Shuanghui aims to continue its commitment to the meat industry, addressing the growing consumer demand for meat products and contributing to the healthy development of China's meat sector [13].

Core Insights - Beyond Meat's shares have fallen below $1, raising concerns among investors regarding the company's strategy to reduce debt by issuing more shares [1][3] - The company plans to reduce its debt load by $800 million and extend the maturity of some debt, which includes exchanging $202.5 million of debt due in 2027 for new debt maturing in 2030 [2] - Despite initial popularity, demand for Beyond Meat's products in the U.S. has not met expectations, leading to a 15% decline in net revenue in the first half of the year [1][5] Financial Performance - Beyond Meat's stock closed at $1.04 per share and opened at 92 cents the following day, reflecting a 12% drop in mid-day trading [3] - The company's shares have decreased by 73% since the beginning of the year [3] Market Position - Beyond Meat was once a leading player in the plant-based meat sector, attracting high-profile investors and ambitious expansion plans [4] - However, U.S. consumer interest has waned due to taste preferences and ingredient concerns, compounded by inflation-related cost increases [5] Geographic Demand - While demand for Beyond Meat's products has been stronger in Europe, U.S. fast food chains have been hesitant to incorporate these products into their menus [6] - The company has also suspended operations in China earlier this year due to poor sales [6] Strategic Direction - The CEO has indicated a shift in branding strategy, focusing on using "Beyond" as the primary brand and expanding into other protein offerings beyond animal meat replicas [7]

Core Viewpoint - Jinzi Ham is investing between 1 billion to 1.3 billion yuan in Zhongsheng Microelectronics, a company focused on high-speed optical module core chip development, despite its current loss status. This investment follows a recent shift in control and attempts to diversify into the semiconductor sector, raising questions about the success of this cross-industry venture given past failures in similar investments [1][2][3]. Investment Details - Jinzi Ham's subsidiary, Fujian Jinzi Semiconductor, plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, with the first round of investment being 100 million yuan based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1][2]. - Zhongsheng Microelectronics, established in 2019, specializes in the development of high-speed optical module core chips for applications in AI, cloud computing, and telecommunications, but is currently operating at a loss [2][3]. Financial Performance - Jinzi Ham's revenue for the first half of the year was 170 million yuan, a decrease of 14.73% year-on-year, with net profit dropping 25.11% to 22.92 million yuan. The company has seen a decline in revenue since 2021, with a significant drop in its core ham business [5][6]. - Zhongsheng Microelectronics reported a projected loss of 38.83 million yuan for 2024 and 20.37 million yuan for the first seven months of 2025, with revenues of only 20,490 yuan in 2024 and 51,110 yuan in the first seven months of 2025 [2][3]. Market Context - The AI sector's rapid growth has created a demand for computing power, leading to increased interest in the optical module market. However, many companies that entered the computing power rental market have not achieved expected growth, indicating a potential risk for Jinzi Ham's new investment [3][4]. - Jinzi Ham's previous investment in a cloud computing company, Yindun Cloud, ended in failure, raising concerns about the company's ability to successfully navigate cross-industry investments [3][4]. Operational Challenges - Jinzi Ham faces high inventory levels, reaching 278 million yuan, which is 1.64 times its revenue, alongside negative cash flow from operating activities, marking the first negative cash flow since 2021 [6]. - The company is also experiencing underutilization of production capacity, particularly in its specialty meat products, which could lead to significant challenges in managing new production capacities [7].

Group 1: Company Overview and Strategic Focus - The company has over 30 years of experience in the pig industry, focusing on biological feed, healthy breeding, and branded meat products [2] - Recent strategic shift towards healthy breeding and increased investment in meat products, particularly in the second half of 2025 [2] - Plans to enhance the competitive advantage of the entire pig industry chain by leveraging high-quality self-breeding bases and established brand influence [2] Group 2: Financial Health and Management - As of June 30, 2025, the company's debt-to-asset ratio is 64.5%, with cash reserves of approximately 2.4 billion yuan [2] - The company achieved a net cash flow from operating activities of 660 million yuan in the first half of 2025 [2] - Future strategies include maintaining good relationships with financial institutions and exploring equity financing to manage risks and ensure stable development [2] Group 3: Production Capacity and Regional Focus - The majority of the company's pig production capacity and output is concentrated in Hunan, Guangdong, and Guangxi, with additional capacity in Henan, Hebei, Yunnan, and Gansu [3] - Future development will focus on key regions such as Guangdong and Hunan to align with pork consumption areas [3] Group 4: Feed Business and Sales Strategy - Historically, the feed business has relied on a dealer-based model, with a shift towards direct sales as the industry scales [3] - The company is innovating its feed sales model to enhance profitability through customized nutrition and improved service offerings [3] - Overall strategy aims to boost feed sales and ensure a reasonable sales structure for downstream feed customers [3]

Core Points - The 190th Munich Beer Festival has opened in Munich, Germany, running until October 5, showcasing a strong cultural tradition despite a decline in beer consumption in Germany [1][3] - The festival atmosphere was vibrant, with citizens dressed in traditional Bavarian attire and a large turnout for the opening ceremony, including a parade and the ceremonial tapping of the first beer barrel [2][3] - Despite a decrease in overall beer consumption in Germany, the festival is expected to attract over 7 million visitors and generate approximately €1.5 billion in revenue, highlighting its significant economic impact [3][4] Industry Insights - Beer consumption in Germany has declined, with beer sales dropping to 3.9 billion liters in the first half of the year, the lowest since records began in 1993, and per capita consumption falling to about 88 liters last year [3] - The Munich Beer Festival remains a strong attraction, with its unique experience and atmosphere contributing to its enduring popularity, even as daily beer consumption decreases [4]

Core Viewpoint - Company Jinzi Ham plans to invest 300 million yuan to acquire a 20% stake in optical communication chip company Zhongsheng Microelectronics, indicating a significant cross-industry move into the semiconductor sector [1][2]. Group 1: Investment Details - The investment will be made through Jinzi Ham's wholly-owned subsidiary Fujian Jinzi Semiconductor Co., Ltd., which recognizes the potential of the AI industry and the optical communication market [1]. - The acquisition will be executed in two rounds, with the first round involving an investment of 100 million yuan based on a pre-investment valuation of Zhongsheng Microelectronics between 1 billion and 1.3 billion yuan [3]. - The second round of investment, not exceeding 200 million yuan, is contingent upon the successful verification of a specific chip [3]. Group 2: Company Background - Jinzi Ham, headquartered in Jinhua, Zhejiang, is a leading player in the Chinese ham industry, primarily producing various meat products [1]. - The company has undergone ownership changes, with Zheng Qingsheng becoming the largest shareholder and actual controller after acquiring a stake in June 2025 [1][2]. - Zheng Qingsheng has a diverse business portfolio, including real estate and automotive sales, which may influence Jinzi Ham's strategic direction [1]. Group 3: Financial Performance - Jinzi Ham's financial performance has shown volatility, with a revenue of 343.88 million yuan in 2024, a year-on-year increase of 9.62%, and a net profit of 62.17 million yuan, up 55.19% [3]. - In the first half of 2025, the company reported a revenue decline of 14.73% year-on-year, with a net profit decrease of 25.11% [3]. - The planned investment in Zhongsheng Microelectronics will consume a significant portion of the company's profits over the next five years [2]. Group 4: Market Reaction - Following the announcement of the acquisition, Jinzi Ham's stock price surged, closing at 7.85 yuan, a 9.94% increase, with a market capitalization of 9.5 billion yuan [4]. - The company has a history of cross-industry acquisitions since 2016, although past investments have faced challenges in achieving expected returns [4][5].